BLS DAILY REPORT, MONDAY, DECEMBER 11, 2000
__The pace of job creation across the U.S. economy was sluggish in November,
as modest gains in the private sector were blunted by unexpected declines in
government hiring, according to the Bureau of Labor Statistics. The
civilian unemployment rate edged up 0.1 percentage point to 4.0 percent in
November. Payroll employment excluding agriculture grew by only 94,000 in
November, marking the second straight month that payrolls expanded by fewer
than 100,000, according to revised figures. ... Analysts generally
interpret the November jobs report as buttressing the "soft landing"
scenario that most forecasters currently subscribe to. Manufacturing
remained weak and construction payrolls were down modestly after 2 months of
substantial gains. ... BLS Commissioner Katharine Abraham characterized the
November growth as showing continued employment gains in several industries,
"tempered by a larger decline in government payrolls and a lack of job
growth in construction, manufacturing, and several service industries." ...
(Pam Ginsbach in Daily Labor Report, page D-1; statement of Commissioner
Abraham, page E-1).
__With U.S. economic growth slowing, the nation's unemployment rate ticked
up to 4 percent last month, while employers' payrolls grew only moderately.
Analysts said the report provided further confirmation that growth has
slowed recently from the very rapid pace of the first half of this year,
which many economists and policymakers regarded as unsustainable. However,
the details showed little sign of excessive weakness that would point to a
serious slump. ... (John M. Berry in Washington Post, Dec. 9, page E1).
__Businesses continued to increase their work forces in November, but at a
slower rate than they did in the first half of the year. ... (New York
Times, page B1).
__The nation's unemployment rate is beginning to rise after months of
hovering near a three-decade low. Many analysts are wondering just how far,
and how fast, the rate will ultimately climb. ... (Yochi J. Dreazen in Wall
Street Journal, page A2).
More companies are permitting new employees to participate in 401(k) and
profit sharing plans without a waiting period, according to a new survey
released by the Profit Sharing/401(k) Council of America. The study finds
37 percent of 401(k) plans surveyed permit employees to begin contributing
during the first month of employment, up from 24 percent in 1998; 52 percent
of the 401(k) plans studied permit employees to begin saving within 3 months
of hire, up from 32 percent of plans in 1998. ... (Daily Labor Report, page
A3).
The Wall Street Journal's feature "Tracking the Economy" (page A12) predicts
that import prices in November will rise 0.5 percent when released
Wednesday, according to the Thomson Global Forecast. The actual change in
October was minus 0.5 percent. Import prices excluding petroleum are
expected to up ).1 percent in November. ... The November producer price
index, to be released Thursday, is predicted to be up 0.2 percent; the
actual October index figure was 0.4 percent. Excluding food and energy, the
November PPI is predicted to be up 0.1 percent; the actual October index was
minus 0.1 percent. ... The November consumer price index, to be released
Friday, is predicted to be up 0.2 percent, the same as the October index.
The consumer price index excluding food and energy also is expected to be up
0.2 percent, the same as in October.
DUE OUT TOMORROW: Workplace Injuries and Illnesses in 1999
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